[专业英语]2008财务成本管理英语加试题答案 [复制链接]

六、英语附加题（本题型共2题，每题5分，共10分。要求用英文解答，列出计算步骤，每步骤运算得数精确到小数点后两位。在答题卷上解答，答案写在试题卷上无效。） :Br5a34q  
1、In 2007,M Corporation paid dividends totaling ＄3 million on net income of ＄15 million.2007 was a normal year, and for the past five years, earnings have grown at a constant rate of 10 percent. However,earnings are expected to jump to ＄18 million in 2008,and the firm expects to have ＄12 million investment opportunities in 2009.It is predicted that M will not be able to maintain the 2008 level of earnings growth in the future----the high 2008 earnings level is attributable to an exceptionally profitable new product line introduced in that year----and the company will return to its previous 10 percent growth rate. M’s target debt ratio is 40 percent in 2007, which will be continued in the future. |6:=}dE#[  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: MJ<Jb,D1  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. $!vxVs9n  
B. It continues the 2007 dividend payout ratio. Sydh2d  
C. It uses a residual policy with all distributions in the form of dividends. (%CZ*L[9Z  
D. It employs a regular-dividend-plus-extras policy, with the regular dividend being based on the long-run growth rate and the extra dividend being set according to the residual policy(Indicate the regular dividend and the extra dividend separately). +^aFs S  
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答案在楼下

Answer: %U7.7dSOI;  
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A: long-run growth rate _3iHkQr  
3*(1+10%) =3.3 million &hHW3Q(1  
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B: target payout ratio XKL3RMF9r  
Target payout ratio=3/15=20% i LBvGZ<9  
Dividend of 2008=18*2%=3.6 million p1pQU={<  
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C: residual dividend approach lLq<x f  
Retained earnings=total new investment*(1-debt ratio) C-eA8pYY/  
                 =12*(1-40%) zr v]  
                 =7.2 million ql{(Lf$  
Residual dividend=18-7.2=10.8 million z2gk[zY&  
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) !{et8F@d|  
Regular dividend=3*(1+10%) =3.3 million ?,P3)&3g  
Extra dividend=residual dividend –regular dividend 8VG!TpX/B  
              =10.8-3.3 c'6g*%2k  
              =7.5 million KT|R
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2. N Company manufactures a kind of product used throughout the machinery industry. The standard price of the materials for the products is $6 per kilogram; the standard quantity of materials allowed per unit is 1.5 kilograms. During July, 2,000 units of the products were finished, for which 3,200 kilograms of materials were used at a total direct material cost of $18.560. M4LP$N  
A. Calculate the direct material price variance for July. Indicate whether it is favorable  (F) or unfavorable (U) and who is generally responsible for this variance. ;rI@*An  
B. Calculate the direct material quantity variance for July. Indicate whether it is favorable (F) or unfavorable (U) and who is generally responsible for this variance. qL6c`(0  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). gwrY LZNGI  
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Answer: >%p{38  
Notes: Tl
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Actual price=18560/3200=$5.8/unit K`&oC8p  
Actual quantity materials per unit=3200/2000=1.6 kg/unit 'X).y1'  
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1).Standard quantity * standard price=standard total cost !J1rRPV  
(1.5*2000)      *   6        =$18000 NqHy%'R  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials m`#Od^vk  
（3200-3000）                *  6         =$1200 [L` ZE*z  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials +cJy._pi!  
3200         * (5.8 – 6)                    =$640 mvW%  
4)actual quantity *actual price =actual total cost L$'[5"ma ;  
3200        * 5.8       =$18560 .Ig+Dj{)  
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A：Price variance of direct materials=（actual price-standard price）*actual quantity uJx"W  
                             = (5.8-6)*3200 eg<bi@C1|  
                             = $640  【F】 fy@avo9  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. Xdi:1wW@p  
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price -m'j]1  
                                  = (3200-3000)*6 ` 8W*  
                                  =$1200   【U】 \y6OU M2y  
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Efficiency variance of $1200 【U】 due to the higher quantity of materials per unit of 1.6 kg/unit than the standard level of 1.5 kg/unit. /-zXM;h  
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 $p!yhn7  
C：Total variance of direct materials=actual costs- standard cost dca;'$  
                              =18560-18000 .iCDXc{#  
                              =560  【U】